IPO GMP vs Actual Listing Price

Across the last 81 listed IPOs, GMP pointed to an average listing gain of +16.0%; they actually opened +15.1% on average. GMP got the direction right 60% of the time, was within 5 points 49% of the time, and overestimated the listing 49% of the time.

Updated 14 Oct 2026, 1:16 AM IST

GMP said (average)+16.0%

Actually opened (average)+15.1%

Direction right60%gain, loss or flat

Typical gap5.4 ptsmedian, either way

Mainboard · 28 IPOs

GMP said +20.7% on average; they opened +18.6%. Direction right 64% of the time, typical gap 5.1 points.

SME · 53 IPOs

GMP said +13.5% on average; they opened +13.3%. Direction right 58% of the time, typical gap 5.7 points.

Last GMP before listing compared with the listing-day open, for each listed IPO
IPO	Listed	Issue price	Last GMP	GMP said	Opened at	Actual	Gap
R.K.Fashion Accessories Ltd. IPOSME · listed 12 Oct · GMP said +1.8%	12 Oct	₹82	₹1.5	+1.8%	₹80	-2.4%gap -4.2	-4.2
Acme India Industries Ltd. IPOSME · listed 9 Oct · GMP said +21.9%	9 Oct	₹196	₹43	+21.9%	₹221	+12.8%gap -9.1	-9.1
Paramount Syntex Ltd. IPOSME · listed 9 Oct · GMP said 0.0%	9 Oct	₹127	₹0	0.0%	₹115	-9.4%gap -9.4	-9.4
TNA Solutions Ltd. IPOSME · listed 9 Oct · GMP said 0.0%	9 Oct	₹70	₹0	0.0%	₹56	-20.0%gap -20.0	-20.0
Dove Soft Ltd. IPOSME · listed 8 Oct · GMP said 0.0%	8 Oct	₹111	₹0	0.0%	₹110.3	-0.6%gap -0.6	-0.6
Eventions Ltd. IPOSME · listed 8 Oct · GMP said 0.0%	8 Oct	₹118	₹0	0.0%	₹111	-5.9%gap -5.9	-5.9
EverestIMS Technologies Ltd. IPOSME · listed 8 Oct · GMP said +58.8%	8 Oct	₹85	₹50	+58.8%	₹126	+48.2%gap -10.6	-10.6
Nityas Gems & Jewellery Ltd. IPOMainboard · listed 8 Oct · GMP said +1.3%	8 Oct	₹75	₹1	+1.3%	₹80	+6.7%gap +5.4	+5.4
Omara Ventures India Ltd. IPOSME · listed 8 Oct · GMP said 0.0%	8 Oct	₹311	₹0	0.0%	₹319	+2.6%gap +2.6	+2.6
Shree TNB Polymers Ltd. IPOSME · listed 8 Oct · GMP said +7.5%	8 Oct	₹53	₹4	+7.5%	₹60	+13.2%gap +5.7	+5.7
SJP Ultrasonic Ltd. IPOSME · listed 8 Oct · GMP said 0.0%	8 Oct	₹67	₹0	0.0%	₹74.2	+10.8%gap +10.8	+10.8
Sollfege Smart Electronics Ltd. IPOSME · listed 8 Oct · GMP said +18.2%	8 Oct	₹55	₹10	+18.2%	₹104.4	+89.8%gap +71.6	+71.6
Vishal Nirmiti Ltd. IPOMainboard · listed 8 Oct · GMP said +0.9%	8 Oct	₹220	₹2	+0.9%	₹215	-2.3%gap -3.2	-3.2
Black Opal Consultants Ltd. IPOSME · listed 7 Oct · GMP said +4.6%	7 Oct	₹197	₹9	+4.6%	₹200	+1.5%gap -3.1	-3.1
Green Asia Impex Ltd. IPOSME · listed 7 Oct · GMP said 0.0%	7 Oct	₹89	₹0	0.0%	₹89	0.0%gap 0.0	0.0
Papadmalji Agro Foods Ltd. IPOSME · listed 7 Oct · GMP said 0.0%	7 Oct	₹72	₹0	0.0%	₹72.3	+0.4%gap +0.4	+0.4
Vans Electroengineerings Ltd. IPOSME · listed 7 Oct · GMP said +87.3%	7 Oct	₹118	₹103	+87.3%	₹224.2	+90.0%gap +2.7	+2.7
Acme Universal Safezone 9 Ltd. IPOSME · listed 6 Oct · GMP said +21.1%	6 Oct	₹71	₹15	+21.1%	₹101	+42.3%gap +21.2	+21.2
Pind Hospitality Ltd. IPOSME · listed 6 Oct · GMP said +1.0%	6 Oct	₹99	₹1	+1.0%	₹79.2	-20.0%gap -21.0	-21.0
Shah Investor's Home Ltd.; IPOMainboard · listed 6 Oct · GMP said +9.9%	6 Oct	₹167	₹16.5	+9.9%	₹171	+2.4%gap -7.5	-7.5
Shivchem Agro Ltd. IPOSME · listed 6 Oct · GMP said +2.4%	6 Oct	₹62	₹1.5	+2.4%	₹62	0.0%gap -2.4	-2.4
SRIT India Ltd. IPOMainboard · listed 6 Oct · GMP said +43.8%	6 Oct	₹130	₹57	+43.8%	₹148	+13.9%gap -29.9	-29.9
Acevector Ltd. IPOMainboard · listed 5 Oct · GMP said +3.1%	5 Oct	₹32	₹1	+3.1%	₹28.32	-11.5%gap -14.6	-14.6
Bench Mark Infotech Services Ltd. IPOSME · listed 5 Oct · GMP said +22.7%	5 Oct	₹110	₹25	+22.7%	₹110	0.0%gap -22.7	-22.7
Dudani Retail Ltd. IPOSME · listed 5 Oct · GMP said +1.7%	5 Oct	₹29	₹0.5	+1.7%	₹25	-13.8%gap -15.5	-15.5
German Green Steel & Power Ltd. IPOMainboard · listed 5 Oct · GMP said +6.8%	5 Oct	₹139	₹9.5	+6.8%	₹142	+2.2%gap -4.6	-4.6
Himalayan Solar Ltd. IPOSME · listed 5 Oct · GMP said 0.0%	5 Oct	₹103	₹0	0.0%	₹85	-17.5%gap -17.5	-17.5
Orient Cables (India) Ltd. IPOMainboard · listed 5 Oct · GMP said +44.5%	5 Oct	₹272	₹121	+44.5%	₹450	+65.4%gap +20.9	+20.9
Runwal Enterprises Ltd. IPOMainboard · listed 5 Oct · GMP said 0.0%	5 Oct	₹305	₹0	0.0%	₹305	0.0%gap 0.0	0.0
Sai Urja Indo Ventures Ltd. IPOSME · listed 5 Oct · GMP said +28.3%	5 Oct	₹113	₹32	+28.3%	₹133.8	+18.4%gap -9.9	-9.9
A-One Steels India Ltd. IPOMainboard · listed 1 Oct · GMP said +11.6%	1 Oct	₹405	₹47	+11.6%	₹455	+12.4%gap +0.8	+0.8
Moneyview Ltd. IPOMainboard · listed 1 Oct · GMP said +42.9%	1 Oct	₹34	₹14.6	+42.9%	₹55	+61.8%gap +18.9	+18.9
Peshwa Wheat Ltd. IPOSME · listed 1 Oct · GMP said 0.0%	1 Oct	₹101	₹0	0.0%	₹100.05	-0.9%gap -0.9	-0.9
Roopa Screen Ltd. IPOSME · listed 1 Oct · GMP said +65.6%	1 Oct	₹64	₹42	+65.6%	₹121.6	+90.0%gap +24.4	+24.4
Adroit Industries (India) Ltd. IPOMainboard · listed 30 Sep · GMP said +41.0%	30 Sep	₹134	₹55	+41.0%	₹235	+75.4%gap +34.4	+34.4
ArMee Infotech Ltd. IPOMainboard · listed 30 Sep · GMP said +1.6%	30 Sep	₹375	₹6	+1.6%	₹375	0.0%gap -1.6	-1.6
Coreintegra Consulting Services Ltd. IPOSME · listed 30 Sep · GMP said 0.0%	30 Sep	₹78	₹0	0.0%	₹78.1	+0.1%gap +0.1	+0.1
Elevate Campuses Ltd. IPOMainboard · listed 30 Sep · GMP said +1.8%	30 Sep	₹362	₹6.5	+1.8%	₹355.1	-1.9%gap -3.7	-3.7
Liqvd Digital India Ltd. IPOSME · listed 30 Sep · GMP said 0.0%	30 Sep	₹54	₹0	0.0%	₹53.73	-0.5%gap -0.5	-0.5
Pooja Logistics Ltd. IPOSME · listed 30 Sep · GMP said 0.0%	30 Sep	₹115	₹0	0.0%	₹118	+2.6%gap +2.6	+2.6
S.K.Offset Ltd. IPOSME · listed 30 Sep · GMP said 0.0%	30 Sep	₹125	₹0	0.0%	₹126	+0.8%gap +0.8	+0.8
Swastika Infra Ltd. IPOMainboard · listed 30 Sep · GMP said +3.8%	30 Sep	₹185	₹7	+3.8%	₹200	+8.1%gap +4.3	+4.3
Unitec Fibres Ltd. IPOSME · listed 30 Sep · GMP said 0.0%	30 Sep	₹88	₹0	0.0%	₹90	+2.3%gap +2.3	+2.3
Anand Seamless Ltd. IPOSME · listed 29 Sep · GMP said 0.0%	29 Sep	₹72	₹0	0.0%	₹72.1	+0.1%gap +0.1	+0.1
Himalaya Nutravedics India Ltd. IPOSME · listed 29 Sep · GMP said 0.0%	29 Sep	₹106	₹0	0.0%	₹118	+11.3%gap +11.3	+11.3
Varmora Granito Ltd. IPOMainboard · listed 29 Sep · GMP said +0.7%	29 Sep	₹148	₹1	+0.7%	₹155	+4.7%gap +4.0	+4.0
FX Multitech Ltd. IPOSME · listed 28 Sep · GMP said +5.6%	28 Sep	₹116	₹6.5	+5.6%	₹123.05	+6.1%gap +0.5	+0.5
Robokidz Eduventures Ltd. IPOSME · listed 28 Sep · GMP said +81.1%	28 Sep	₹106	₹86	+81.1%	₹201.4	+90.0%gap +8.9	+8.9
Vivekanand Cotspin Ltd. IPOSME · listed 28 Sep · GMP said 0.0%	28 Sep	₹37	₹0	0.0%	₹38	+2.7%gap +2.7	+2.7
Axiom Gas Engineering Ltd. IPOSME · listed 25 Sep · GMP said 0.0%	25 Sep	₹54	₹0	0.0%	₹54.75	+1.4%gap +1.4	+1.4
Kheria Autocomp Ltd. IPOSME · listed 24 Sep · GMP said +3.0%	24 Sep	₹101	₹3	+3.0%	₹104.9	+3.9%gap +0.9	+0.9
National Stock Exchange of India Ltd. IPOMainboard · listed 24 Sep · GMP said +2.2%	24 Sep	₹1,785	₹40	+2.2%	₹1,800	+0.8%gap -1.4	-1.4
Sonaselection India Ltd. IPOMainboard · listed 24 Sep · GMP said 0.0%	24 Sep	₹99	₹0	0.0%	₹102.31	+3.3%gap +3.3	+3.3
SpectraA Technology Solutions Ltd. IPOSME · listed 24 Sep · GMP said +68.6%	24 Sep	₹118	₹81	+68.6%	₹224.2	+90.0%gap +21.4	+21.4
Hero Motors Ltd. IPOMainboard · listed 23 Sep · GMP said +15.5%	23 Sep	₹84	₹13	+15.5%	₹82	-2.4%gap -17.9	-17.9
Jindal Supreme (India) Ltd. IPOMainboard · listed 23 Sep · GMP said +26.9%	23 Sep	₹93	₹25	+26.9%	₹120	+29.0%gap +2.1	+2.1
SS Retail Ltd. IPOMainboard · listed 23 Sep · GMP said +28.3%	23 Sep	₹424	₹120	+28.3%	₹624	+47.2%gap +18.9	+18.9
Quanto Agroworld Ltd. IPOSME · listed 22 Sep · GMP said 0.0%	22 Sep	₹67	₹0	0.0%	₹66.99	0.0%gap 0.0	0.0
Shakti Polytarp Ltd. IPOSME · listed 22 Sep · GMP said 0.0%	22 Sep	₹59	₹0	0.0%	₹58.9	-0.2%gap -0.2	-0.2
Vama Wovenfab Ltd. IPOSME · listed 22 Sep · GMP said +0.9%	22 Sep	₹341	₹3	+0.9%	₹341	0.0%gap -0.9	-0.9
Century Business Media Ltd. IPOSME · listed 21 Sep · GMP said 0.0%	21 Sep	₹74	₹0	0.0%	₹74	0.0%gap 0.0	0.0
Injecto Polymers Ltd. IPOSME · listed 21 Sep · GMP said 0.0%	21 Sep	₹100	₹0	0.0%	₹99	-1.0%gap -1.0	-1.0
Manika Plastech Ltd. IPOMainboard · listed 21 Sep · GMP said +4.7%	21 Sep	₹43	₹2	+4.7%	₹43	0.0%gap -4.7	-4.7
Maharaja & Speedex India Ltd. IPOSME · listed 18 Sep · GMP said +15.1%	18 Sep	₹186	₹28	+15.1%	₹250	+34.4%gap +19.3	+19.3
Om Galaxy Ltd. IPOSME · listed 18 Sep · GMP said 0.0%	18 Sep	₹90	₹0	0.0%	₹90.2	+0.2%gap +0.2	+0.2
Panchatv Bharat Ltd. IPOSME · listed 18 Sep · GMP said +2.1%	18 Sep	₹140	₹3	+2.1%	₹128.95	-7.9%gap -10.0	-10.0
Raksan Transformers Ltd. IPOSME · listed 18 Sep · GMP said +7.7%	18 Sep	₹273	₹21	+7.7%	₹273	0.0%gap -7.7	-7.7
Veegaland Developers Ltd. IPOMainboard · listed 18 Sep · GMP said +3.6%	18 Sep	₹140	₹5	+3.6%	₹154	+10.0%gap +6.4	+6.4
LCC Projects Ltd. IPOMainboard · listed 17 Sep · GMP said +24.7%	17 Sep	₹146	₹36	+24.7%	₹189	+29.5%gap +4.8	+4.8
Shanti Inorganics Ltd IPOSME · listed 7 Sep · GMP said +37.3%	7 Sep	₹83	₹31	+37.3%	₹157.7	+90.0%gap +52.7	+52.7
Complete Sports & Management India Ltd IPOSME · listed 4 Sep · GMP said 0.0%	4 Sep	₹135	₹0	0.0%	₹139	+3.0%gap +3.0	+3.0
ESDS Software Solution Ltd IPOMainboard · listed 4 Sep · GMP said +83.9%	4 Sep	₹429	₹360	+83.9%	₹757	+76.5%gap -7.4	-7.4
Priority Jewels Ltd IPOMainboard · listed 4 Sep · GMP said +18.5%	4 Sep	₹200	₹37	+18.5%	₹230	+15.0%gap -3.5	-3.5
Kwick Forensic Solutions Ltd IPOSME · listed 3 Sep · GMP said +53.3%	3 Sep	₹90	₹48	+53.3%	₹150	+66.7%gap +13.4	+13.4
Lumino Industries Ltd IPOMainboard · listed 3 Sep · GMP said +58.5%	3 Sep	₹82	₹48	+58.5%	₹110	+34.2%gap -24.3	-24.3
Annu Projects Ltd IPOSME · listed 2 Sep · GMP said +2.0%	2 Sep	₹99	₹2	+2.0%	₹72	-27.3%gap -29.3	-29.3
Sumax Engineering Ltd IPOSME · listed 2 Sep · GMP said +23.8%	2 Sep	₹101	₹24	+23.8%	₹111	+9.9%gap -13.9	-13.9
ABH Healthcare Ltd IPOSME · listed 1 Sep · GMP said +55.9%	1 Sep	₹102	₹57	+55.9%	₹99	-2.9%gap -58.8	-58.8
Hy-Tech Engineers Ltd IPOMainboard · listed 1 Sep · GMP said +75.5%	1 Sep	₹53	₹40	+75.5%	₹75	+41.5%gap -34.0	-34.0
Madhur Knit Crafts Ltd IPOSME · listed 1 Sep · GMP said +16.0%	1 Sep	₹100	₹16	+16.0%	₹100	0.0%gap -16.0	-16.0
Symbiotec Pharmalab Ltd IPOMainboard · listed 1 Sep · GMP said +24.3%	1 Sep	₹988	₹240	+24.3%	₹988	0.0%gap -24.3	-24.3

How this is measured

For each IPO we take the last grey market premium recorded before listing day and work out the gain it implied over the upper price band. We compare that with the official opening price on NSE (or BSE when the stock listed only there). The gap is the actual gain minus the implied gain, in percentage points: a negative gap means GMP was too optimistic.

How to use GMP

Treat GMP as a rough signal of demand, not a price target. It is unofficial, based on thin trading, and can move sharply in the last days before listing. Read it together with the subscription figures and the company's own numbers. See today's GMP.

Common questions

How accurate is IPO GMP?

Across the last 81 IPOs tracked on IPOtick, the grey market premium pointed to an average listing gain of +16.0%, and the shares actually opened +15.1% on average. GMP called the direction (gain, loss or flat) correctly 60% of the time and landed within 5 percentage points 49% of the time.

Is GMP more reliable for mainboard or SME IPOs?

In our data, GMP has been closer for mainboard IPOs: the typical gap was 5.1 points for mainboard and 5.7 points for SME listings. SME issues are smaller and trade less, so their grey market prices tend to swing more.

Which GMP is compared with the listing price?

The last grey market premium recorded on a day before listing day. GMP reported on listing day itself is ignored, because sources keep updating it after trading opens. IPOs whose last GMP is more than a week older than the listing are left out.

Why does the listing price differ from GMP?

GMP is an unofficial price between informal dealers, based on thin trading. On listing day the price is set by the exchange's pre-open auction, where institutions, allottees selling and new buyers all take part, and overall market mood can shift sharply between the last GMP and listing.